Top-ranked attorney Geoff Cone recently published an article in the NZ Herald regarding the recent news about foreign trusts in New Zealand. Cone provides a detailed overview of some of the most significant developments in the foreign trust laws and regulations in New Zealand.
He makes clear that New Zealand has never been recognized as a tax haven for any kind of international business. In fact, New Zealand has built a strong reputation for having very transparent laws and regulations on the establishment and operation of international trusts. For example, New Zealand currently maintains over 20 information exchange agreements with countries all over the world regarding trusts. Because of the long track record of transparency and stability in New Zealand trusts, many businesses and individuals have been turning to New Zealand for the establishment of foreign trusts. These trusts are being established as part of an asset protection strategy as opposed to tax planning purposes.
In addition, the legal infrastructure in New Zealand has a solid reputation for being very secure and stable. Companies can trust that laws regarding the operation of their trusts will be upheld by New Zealand courts. Part of the reason that the reputation of the legal system in New Zealand has been so strong in recent years is based on the quality and professionalism of legal practitioners like Cone. There is a high degree of ethics and professionalism among practicing attorneys in New Zealand, which makes it a good choice for companies looking for a straightforward plan for asset protection and succession planning. Cone explains that companies can depend on a certain clarity in the legal process, which makes New Zealand a logical choice for establishing an international trust.
Cone is the owner and lead attorney at Cone Marshall Limited, a firm located in New Zealand that is widely recognized as one of the leaders in the field of international trust, estate and estate planning. In fact, Cone Marshall Limited has the distinction of being the only law firm in New Zealand to focus its practice exclusively in this field. Cone has decades of experience in advising clients on legal taxation issues and provides insightful leadership to the firm. He continues to advise some of the most prominent international companies on important tax issues and is widely consulted for his expertise on international commercial matters.
Cone is also committed to maintaining a high level of professionalism in his field and encourages other lawyers to keep the standard high across the board. He has a well-established reputation for being able to communicate effectively with clients and address their business and legal concerns in a very timely fashion. He is respected as a credible leader in this field.